July 20, 2005

Australian beef cattle prices hit record high
 

Australia's beef cattle prices are now up to a record high of A$4 (US$3) per kilogram due to strong demand and limited supplies, according to Eastern Young Cattle Indicator.

The indicator, which is obtained through averaging prices from 26 sale-yards across Australian states Queensland, New South Wales and Victoria, surpasses the previous record set in September 2004.

However, as Australian grazier Duncan Emmott pointed out, it's still not all good news for the beef industry with the high beef prices. In fact, years of drought in Australia have resulted in many cattle producers missing out on big profits, thanks to the very fact that they don't have cattle to sell in the first place.